IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19


The Treasury Department and the IRS recently announced the new Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.

Qualifying employers must fall into one of two categories:

  1. The employer's business is fully or partially suspended by government order due to COVID-19 during the calendar quarter.

  2. The employer's gross receipts are below 50% of the comparable quarter in 2019.

For more information, see the complete March 31, 2020 IRS news release and the Employee Retention Credit FAQs.

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